Despite earning an estimated $16,000 a month, Sinbad is claiming bankruptcy for the second time in less than five years.
Born David Atkins, the comedian is filing bankruptcy for the second time since 2009. Based on court papers, most of the debt has been accrued from unpaid taxes.
Sinbad filed Chapter 13 bankruptcy last month, according to papers acquired by TMZ. In the filing, the comedian claims that he has only $131,000 in assets but a debt of nearly $11 million. Broken down, he owes: $374,979 to American Express, $32,199 to Bank of America, $2.3 million to the CA Franchise Tax Board, and $8.3 million to the IRS for taxes from 1998-2006 in addition to other tax fees.
The comedian had previously filed for bankruptcy in 2009, but his case was dismissed after claims that he filled out the paperwork improperly. His high tax debt comes from years of avoiding taxes. He filed taxes from 1998-2006 but failed to pay any of the money due. In 2010 he allegedly put up his $3 million L.A. home to help alleviate some of his tax debt.
While still not in a position to escape bankruptcy, the actor has managed to more than double his worth since his last bankruptcy filing. In 2009 he claimed assets of only $50,000 vs. $131,000.
Best known as a stand up comedian, Sinbad has also appeared in films that include "Jingle All the Way" and "Good Burger." He was married to Meredith Fuller in 1985, they share two children between them. In 1992 they divorced before remarrying in 2002.
Despite debt claims, the comedian still has a penchant for purchasing pricey vehicles. As assets, he claim: a 2007 BMW 750i, a 2006 VW Beetle, a 2010 Ford F150, a 2010 Lincoln Navigator, $5,000 in addition to other miscellaneous items. According to his Twitter, he also spent last month in Puerto Rico where he met the band the B-52's.